The move is part of a wide-ranging review of its product range, with also includes tracker rates being pegged to LIBOR instead of Bank Base Rate, the introduction of a medium adverse range and the removal of higher lending charges on its entire BTL range.
Rates on its prime residential business start from 5.89 per cent for a three-year fix and 5.74 per cent for a two-year tracker. Simon Biddle, head of marketing and communications at Infinity Mortgages, believed the range would prove popular.
He said: “This is the first time we’ve entered the prime residential market and we think our products are competitively priced. The fact we have linked to LIBOR works both for us and our customers as the rates won’t change as often as the Base Rate does at the moment.”
Infinity has increased the number of properties allowed in a portfolio to 20, or worth a total of £2 million. Products are available up to 85 per cent on both prime and near-prime.
Biddle added: “We’ve torn up our BTL proposition and we expect our new range to be even more popular. The changes will make us more attractive to portfolio landlords so we are very excited about them.”
Michael Brill, director at Baronworth Investment Services, said:
“The prime deals are not very competitive but one or two are worth looking at. Up to 75 per cent on a two-year fix is not bad but you can get 5.74 per cent with a higher arrangement fee elsewhere. However, up to 65 per cent you can get a 5.39 per cent deal with Preferred which is a lot lower.”
